What year is a car considered a classic in Indiana?

Classic car insurance costs less than regular car insurance because a classic spends less time on the road than a vehicle used for commuting or errands. The average classic car insurance policy costs between $400 and $1,000 per year.

Like with any auto insurance policy, each driver’s classic car insurance premium will vary based on individual risk factors such as location, driving history, the driver’s age, and the vehicle’s value. Classic car insurance usually applies to antique vehicles as well as to old, high-performance cars. Requirements and prices vary by company, though.… read full answer

Classic Car Insurance Costs by Company

• Grundy: 50%+ less than standard car insurance
• Hagerty: up to 36% less than standard car insurance
• American Collectors: up to 40% less than standard car insurance
• Nationwide: up to 43% less than standard car insurance
• Heacock Classic: up to 40% less than standard car insurance

Why Classic Car Insurance Costs Less Than Normal Car Insurance

Almost every classic car insurance provider forbids regular use of the vehicle, which reduces the risk for the insurer and keeps costs low. Classic cars are generally limited to parades, car shows, and pleasure driving up to a mileage limit stated in the policy. As a result, you may need to provide proof that you own a regular car for daily use when purchasing classic car insurance.

Another key difference is that most classic car insurers pay the vehicle’s “agreed value” if it is totaled. This amount is decided when the policy is purchased and reflects the fact that classic cars maintain their worth over time. On the other hand, standard car insurance policies usually pay a vehicle’s actual cash value in the event of a total loss, accounting for depreciation.

How to Lower the Cost of Classic Car Insurance

You can lower the cost of a classic car insurance policy by comparison-shopping for quotes and taking advantage of discounts. Many discounts will be the same as those for regular car insurance, such as discounts for having an anti-theft device or taking a defensive driving course. Some companies also offer discounts for membership in certain car clubs or for switching from a different insurer.

Car insurance in Indiana costs $40 per month, on average, or $481 per year. The average cost of car insurance in Indiana is 33% lower than the national average auto insurance premium, and Indiana ranks 14 out of 50 for the most affordable car insurance rates in the U.S.

Average Cost of Car Insurance in Indiana by Category … read full answer

• Clean driving record: $505 per year
• After an at-fault accident: $759 per year
• Driver with poor credit: $803 per year
• Teen driver: $1,850 per year
• After a DUI: $836 per year

There are several factors that affect how much you’ll pay for car insurance in Indiana, including your driving record, age, location, the amount of coverage that you purchase, and the insurance company you buy it from. On average, the cheapest insurance companies in Indiana are Westfield, Geico, and Cincinnati Insurance. But every insurer has their own way of calculating premiums, so it’s a good idea to get quotes from at least three different companies to make sure you find the best deal.

Finally, it’s worth noting that car insurance premiums in Indiana are low, compared to the cost of coverage in neighboring states like Illinois and Kentucky. You can find more details in the table below.

Cost of Car Insurance in Indiana vs. Neighboring States

Indiana car insurance laws require bodily injury liability coverage of $25,000 per person and $50,000 per accident, along with $25,000 of property damage liability coverage. Indiana also requires uninsured and underinsured motorist coverage totaling Not Required.

The first two categories – bodily injury liability and property damage liability - cover injuries or damages that you accidentally cause with your car. Your car insurance pays up to the per-person or per-accident limit in each category. Uninsured and underinsured motorist insurance provide additional coverage for you, in the event that you get into an accident with a driver who has limited or no insurance of their own.… read full answer

Car insurance is required in Indiana, but some drivers break that law or simply don’t have enough insurance to cover all accident-related expenses. Having uninsured and underinsured coverage on your own policy means you can repair your car or go to the hospital without worrying about where you’ll get the money to pay your bills. If you want additional coverage, you can choose higher limits than the ones required by Indiana law.

Since insurance is required by Indiana law, you can face multiple penalties if you’re caught driving without it, including fines, license suspension, and increased monitoring for three years. Another important Indiana law to note is the grace period for new residents: You have 60 days to register your car when you move to Indiana. You’ll need to bring proof of Indiana car insurance when you go to register, with coverage in each of the categories listed below.

Minimum Coverage Required by Indiana Car Insurance Laws:

• Bodily injury liability: $25,000 per person / $50,000 per accident
• Property damage liability: $25,000
• Uninsured and underinsured motorist insurance: Not Required
• MedPay: any amount